Remarks by MCC CEO Daniel Yohannes at the Inauguration of the Port of Praia

October 14, 2010, Port of Praia, Cape Verde

As Prepared by Daniel W. Yohannes

[Introduction]

I am happy to be here, and it is a real privilege to see the Port of Praia again! I was here for the first time in February of this year, and I am pleased to return now to see the additional progress achieved through Cape Verde’s partnership with the U.S. Government’s Millennium Challenge Corporation.

[Results of Cape Verde’s MCC Compact]

President Obama unveiled a new vision for global development last month, one based, in part, on lessons learned from MCC. In the President’s Global Development Policy, he calls for partnering with countries to invest in economic growth and achieve results. This is exactly what MCC and Cape Verde have done together.

The Cape Verde-MCC partnership is contributing in meaningful ways to this island-nation’s incredible story of sustainable development. Cape Verde is an example of economic reform, liberalization, and good governance in West Africa. And, the historic completion of Cape Verde’s 110 million dollar MCC compact—the first in all of Africa—is increasing agricultural productivity, improving the transportation network, facilitating trade, and developing the private sector.

[Importance of the Port of Praia]

A key result from our partnership that we celebrate today is the modernization of the Port of Praia.

This port rehabilitation contributes to an integrated solution for long-term poverty reduction and economic growth. It will boost port security. It will improve this nation’s transportation network, facilitate more trade, and further develop the private sector. I, for one, believe that the private sector is the real engine of economic growth. The investments we’ve made in this port will strengthen Cape Verde’s economic system, making it easier for the private sector to invest, make money, and create new jobs. These are essential ingredients for sustainable development.

[Conclusion]

I congratulate the people and government of Cape Verde on their commitment to good policies and to the sound implementation of their MCC compact, including the completion of the first phase of work on the Port of Praia. Now, the incredible impact we see underway must be completed fully and sustained well into the future.

Our work together on the Port of Praia will remain a reminder of the strong bonds of friendship and cooperation between the United States and Cape Verde.